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Author Topic: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings  (Read 2677 times)

Palumboism

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Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« on: December 12, 2015, 07:54:43 AM »
The Majority of Millennials Have $1,000 or Less in Savings
How much.net
11 December 2015

Millennials are projected to number 75.3 million for 2015, surpassing a projected 74.9 million for Baby Boomers. The Millennials will therefore comprise a greater percentage of the population than Baby Boomers for the first time. To gain insight into the saving habits of Millennials, we recently performed a survey of those from the ages of 18 to 34. We received 2,585 responses to our survey. The results of our survey found that over 50% of Millennials have less than $1,000 in savings.




For those surveyed, we found that:

    51.8% of Millennials have less than $1,000 in savings.

    18% of Millennials have savings of $1,000 to $5,000.

    7.3% of Millennials have savings of $5,000 to $10,000.

    6.4% of Millennials have savings of $10,000 to $20,000.

    16.5% of Millennials have savings of more than $20,000.


http://howmuch.net/


America is failing this generation miserably.
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calfzilla

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #1 on: December 12, 2015, 11:02:00 AM »
Probably the same 51% raised by single moms. What do you expect.
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Vince G, CSN MFT

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #2 on: December 12, 2015, 11:05:46 AM »
Quote from: Palumboism on December 12, 2015, 07:54:43 AM
The Majority of Millennials Have $1,000 or Less in Savings
How much.net
11 December 2015

Millennials are projected to number 75.3 million for 2015, surpassing a projected 74.9 million for Baby Boomers. The Millennials will therefore comprise a greater percentage of the population than Baby Boomers for the first time. To gain insight into the saving habits of Millennials, we recently performed a survey of those from the ages of 18 to 34. We received 2,585 responses to our survey. The results of our survey found that over 50% of Millennials have less than $1,000 in savings.




For those surveyed, we found that:

    51.8% of Millennials have less than $1,000 in savings.

    18% of Millennials have savings of $1,000 to $5,000.

    7.3% of Millennials have savings of $5,000 to $10,000.

    6.4% of Millennials have savings of $10,000 to $20,000.

    16.5% of Millennials have savings of more than $20,000.


http://howmuch.net/


America is failing this generation miserably.



There's nothing behind this because most people no longer have savings accounts since they are practically useless being that they generate no money.  People nowadays have IRAs, 401K's and other proactive commodities. 
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Twaddle

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #3 on: December 12, 2015, 11:15:38 AM »
Quote from: Vince G, CSN MFT on December 12, 2015, 11:05:46 AM

There's nothing behind this because most people no longer have savings accounts since they are practically useless being that they generate no money.  People nowadays have IRAs, 401K's and other proactive commodities. 

First, the article mentions nothing about savings accounts.  It mentions "dollars in savings".  Second, stating that most people no longer have savings accounts because they're useless?  That's a completely false statement.
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NickEdge779

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #4 on: December 12, 2015, 03:10:12 PM »
The age range for millenials is pretty broad(18-35) so the 18-22 year olds definitely bring down that average quite a bit. I doubt that most 30 year olds have less than 1k in savings. If they do, they failed at life.
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Fortress

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #5 on: December 12, 2015, 03:57:52 PM »
I'd panic if I ever had only one thousand or less in my bank account. Actually, make that 10 grand.
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Palumboism

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #6 on: December 12, 2015, 04:19:26 PM »
Quote from: NickEdge779 on December 12, 2015, 03:10:12 PM
The age range for millenials is pretty broad(18-35) so the 18-22 year olds definitely bring down that average quite a bit. I doubt that most 30 year olds have less than 1k in savings. If they do, they failed at life.

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Kazan

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #7 on: December 12, 2015, 04:25:35 PM »
So America is failing them? Couldn't be there own fault could it  ::)
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Palumboism

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #8 on: December 12, 2015, 04:36:29 PM »
Quote from: Kazan on December 12, 2015, 04:25:35 PM
So America is failing them? Couldn't be there own fault could it  ::)

The job market for the last seven years has been brutal, especially for those just starting out.  What has the American government done to stimulate job growth or bring jobs back to America.  I know Fortune 500 CEO's have been working overtime to ship jobs over seas by the thousands.

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NickEdge779

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #9 on: December 12, 2015, 04:41:10 PM »
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Hulkotron

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #10 on: December 12, 2015, 05:00:50 PM »
Quote from: calfzilla on December 12, 2015, 11:02:00 AM
Probably the same 51% raised by single moms. What do you expect.

x2
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Walter Sobchak

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #11 on: December 12, 2015, 05:15:51 PM »
Quote from: Palumboism on December 12, 2015, 04:36:29 PM
The job market for the last seven years has been brutal, especially for those just starting out.  What has the American government done to stimulate job growth or bring jobs back to America.  I know Fortune 500 CEO's have been working overtime to ship jobs over seas by the thousands.


These are the same idiots that voted for an incompetent, inexperienced, egomaniac for POTUS because they wanted to show they were "cool" with a black president - so fuck them
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Thong Maniac

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #12 on: December 12, 2015, 05:18:37 PM »
Quote from: Walter Sobchak on December 12, 2015, 05:15:51 PM
These are the same idiots that voted for an incompetent, inexperienced, egomaniac for POTUS because they wanted to show they were "cool" with a black president - so fuck them

Oh here we go again
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Walter Sobchak

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #13 on: December 12, 2015, 05:26:21 PM »
Quote from: Palumboism on December 12, 2015, 05:20:02 PM
And that "cool" black president turned around and fucked them in the wallet.  Seriously, they took the brunt of this seven year recession.

You reap what you sow. They actually believed a teleprompter reading stooge knew anything about fixing the U.S. economy.

Generation Sheep and their Occupy Wall Street temper tantrum.

Fuck them.
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Irongrip400

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #14 on: December 12, 2015, 05:38:22 PM »
Quote from: Palumboism on December 12, 2015, 04:36:29 PM
The job market for the last seven years has been brutal, especially for those just starting out.  What has the American government done to stimulate job growth or bring jobs back to America.  I know Fortune 500 CEO's have been working overtime to ship jobs over seas by the thousands.



Quit being a baby. Some folks are just not smarter than others, and these 51% didn't learn simple math in school. They're lazy idiots plain and simple. Don't live above your means and you'll have money in savings.
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Palumboism

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #15 on: December 13, 2015, 06:10:47 AM »
Quote from: Irongrip400 on December 12, 2015, 05:38:22 PM
Quit being a baby. Some folks are just not smarter than others, and these 51% didn't learn simple math in school. They're lazy idiots plain and simple. Don't live above your means and you'll have money in savings.

I'm not a Millennial and I'm comfortable financially.  I understand that they aren't saving as much as they should, but they're probably not making as much as they should be either.  It's hard to negotiate a fair salary when there are so many qualified people willing to work for less.


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V Man

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #16 on: December 13, 2015, 06:16:19 AM »
I'd be worried if my bank account dropped below 5.2 million.  ;D
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20inch calves

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #17 on: December 13, 2015, 08:17:00 AM »
Quote from: Kazan on December 12, 2015, 04:25:35 PM
So America is failing them? Couldn't be there own fault could  the constant raising of goods and the value of money going down has taken its toll on Americans. For instance I use to grocery shop for my self for $100 ...now its 140-150. X's that for a large family..pay utilities..which have raised..house payment and you will have nothing left
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ritch

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #18 on: December 13, 2015, 08:35:51 AM »
was done on less than 3k people!
Not sure that's conclusive.
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240 is Back

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #19 on: December 13, 2015, 10:22:25 AM »
we're going to wait for trump to deport 8% of the population.

Then we will steal the stuff they leave behind.  When he's shipping their asses away, they can't take all the houses and cars and couches and footstools with them.

*Claimed*
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chaos

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #20 on: December 13, 2015, 10:24:34 AM »
Quote from: Irongrip400 on December 12, 2015, 05:38:22 PM
Don't live above your means and you'll have money in savings.
End thread
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Yamcha

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #21 on: December 13, 2015, 11:09:08 AM »
The middle class seems to be thriving...  :o
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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #22 on: December 13, 2015, 11:47:42 AM »
We have savings account that we keep liquid but only keep enough in for about 3-6 months living expenses. But that aside from our retirement and stock.
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Irongrip400

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #23 on: December 13, 2015, 04:09:50 PM »
Quote from: Palumboism on December 13, 2015, 06:10:47 AM
I'm not a Millennial and I'm comfortable financially.  I understand that they aren't saving as much as they should, but they're probably not making as much as they should be either.  It's hard to negotiate a fair salary when there are so many qualified people willing to work for less.




It's supply and demand. There's obviously too many people in those fields. Maybe instead of going to college for five years for an English degree, they should've gone to trade school. I'm in construction and I pay my best PM $1,750 a week and he has no college degree.
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Mr Anabolic

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Re: Fifty-One Percent Of Millennials Have $1,000 or Less in Savings
« Reply #24 on: December 13, 2015, 05:11:02 PM »
I've also read that the majority of people in the US have less than 50K in their 401k.

Here are some sobering facts:

•38% of all American workers made less than $20,000 last year.
 
•51% of all American workers made less than $30,000 last year.
 
•62% of all American workers made less than $40,000 last year.
 
•71% of all American workers made less than $50,000 last year.

The beginning of the end of the US started as soon as manufacturing jobs began leaving the country in the 90's.  We now have an 80% service based economy.  Even more jobs will disappear when robots are fully integrated and replace most human tasks... that is happening right now.

The US is basically finished, most here do not realize this yet.
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